Bernstein projects $200k BTC, SEC closes Consensys investigation, Hashdex waives fees for Nasdaq Crypto Index Europe ETP
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The crypto markets experienced another red week, continuing a three-month sideways consolidation. Bitcoin (BTC) fell 3.6%, ether (ETH) dropped 3.3%, and the Nasdaq Crypto IndexTM (NCITM) declined 4.1%.
Hashdex waives fees for Nasdaq Crypto Index Europe ETP (HASH)
The ETP fee will be waived until it reaches $1 billion in net asset value. HASH is the second largest crypto index ETP in Europe, with over $100m in net asset value. Read the press release here.
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SEC closes Consensys investigation
The Enforcement Division of the SEC notified web3 company Consensys that it is closing its investigation into one of its products and will not pursue an enforcement action against the firm. This move is significant as it potentially indicates a more favorable regulatory environment for crypto companies in the US. Bernstein predicts BTC ETFs near approval at major wirehouses; maintains $200k target
Bernstein analysts expect institutional adoption of Bitcoin ETFs to rise by late 2024, leading to greater demand and potential price increases. They note that current institutional participation is small and focused on arbitrage, but should expand to “net long” positions with better liquidity. Bernstein predicts BTC could reach $200,000 by 2025 and $1 million by 2033.
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From Hashdex:
Our Portfolio Management Director, Jo?o Marco Braga da Cunha, wrote about the?views of Robert Merton, a Nobel Prize-winning economist, on crypto assets. He also discussed the role of central banks and the inseparable relationship between crypto assets and blockchain technology.
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